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23-42-504. Exempted transactions.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-42-504. Exempted transactions.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-504

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.

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Stable record: arkansas_code:legal_authorities:23-42-504
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6fc0ecf12f0afdcb26b57bbd39ffb98167960d35bd85eb240980c367bb6e9c7a

Source location: content.xml paragraph 21264

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23-42-504. Exempted transactions. (a) The following transactions are exempted from §§ 23-42-501 and 23-42-502: (1) Any isolated nonissuer transactions, whether effected through a broker-dealer or not, provided that repeated or successive transactions shall be prima facie evidence that the transactions are not isolated nonissuer transactions; (2) Any nonissuer transaction by a registered agent of a registered broker-dealer, and any resale transaction by a sponsor of a unit investment trust registered under the Investment Company Act of 1940, in a security of a class that has been outstanding in the hands of the public for at least ninety (90) days, provided at the time of the transaction: (A) The issuer of the security is actually engaged in business and not in the organization stage or in bankruptcy or receivership and is not a blank check, blind pool, or shell company whose primary plan of business is to engage in a merger or combination of the business with, or an acquisition of, an unidentified person or persons; (B) The security is sold at a price reasonably related to the current market price of the security; (C) The security does not constitute the whole or part of an unsold allotment to, or a subscription or participation by, the broker-dealer as an underwriter of the security; (D) A nationally recognized securities manual designated by rule or order of the Securities Commissioner or a document filed with the United States Securities and Exchange Commission is publicly available through the United States Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval system and contains: (i) A description of the business and operations of the issuer; (ii) The names of the issuer's officers and directors, if any, or, in the case of an issuer not domiciled in the United States, the corporate equivalents of such persons in the issuer's country of domicile; (iii) An audited balance sheet of the issuer as of a date within eighteen (18) months or, in the case of a reorganization or merger when the parties to the reorganization or merger had such audited balance sheets, a pro forma balance sheet; and (iv) An audited income statement for each of the issuer's immediately preceding two (2) fiscal years, or for the period of existence of the issuer, if in existence for less than two (2) years, or, in the case of a reorganization or merger when the parties to the reorganization or merger had such audited income statements, a pro forma income statement; and (E) The issuer of the security has a class of equity securities listed on a national securities exchange registered under the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2011, unless: (i) The issuer of the security is a unit investment trust registered under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., as it existed on January 1, 2011; (ii) The issuer and predecessors of the issuer of the security have been engaged in continuous business for at least three (3) years; or (iii) The issuer of the security has total assets of at least two million dollars ($2,000,000) based on: (a) An audited balance sheet dated within the past eighteen (18) months; or (b) In the case of a reorganization or merger of parties with audited balance sheets dated within the past eighteen (18) months showing total assets of at least two million dollars ($2,000,000), a pro forma balance sheet; (3) Any transaction between the issuer or other person on whose behalf the offering is made and an underwriter, or among underwriters; (4) Any transaction in a bond or other evidence of indebtedness secured by a real or chattel mortgage or deed of trust, or by an agreement for the sale of real estate or chattels if the entire mortgage, deed of trust, or agreement, together with all the bonds or other evidences of indebtedness secured thereby, is offered and sold as a unit; (5) Any transactions by an executor, administrator, sheriff, marshal, receiver, trustee in bankruptcy, guardian, or conservator; (6) Any transaction executed by a bona fide pledgee without any purpose of evading this chapter; (7) A transaction by a person exempted from registration under § 23-42-102(3)(B)(v) if the transaction would be lawful in the place of residence of the offeree or purchaser had it occurred there instead of in this state; (8)(A) Any offer or sale to a bank, savings institution, trust company, insurance company, investment company as defined in the Investment Company Act of 1940, pension or profit-sharing trust, or other financial institution or institutional buyer, or to a broker-dealer, whether the purchaser is acting for itself or in some fiduciary capacity. (B) The commissioner may by order, upon petition by any person, determine if the petitioner may be deemed, upon the basis of knowledge, experience, volume, and number of transactions, and other securities background, an “institutional buyer” for purposes of subdivision (a)(8)(A) of this section; (9)(A) Any transaction pursuant to an offer and sale to not more than thirty-five (35) purchasers other than those designated in subdivision (a)(8) of this section during any period of twelve (12) consecutive months, if: (i) The seller reasonably believes that all the buyers are purchasing for investment; and (ii) A commission or other remuneration shall not be paid or given directly or indirectly for soliciting any prospective buyer in this state unless the person receiving any such commission or remuneration is registered under § 23-42-301. (B) However, the commissioner may by rule or order, as to any security or transaction or any type of security or transaction, withdraw or further condition this exemption, or increase or decrease the number of purchasers permitted, or waive the conditions in subdivisions (a)(9)(A)(i) and (ii) of this section with or without the substitution of a limitation on remuneration; (10) Any transaction pursuant to an offer to existing security holders of the issuer, including persons who at the time of the transaction are holders of convertible securities or warrants, if no commission or other remuneration, other than a standby commission, is paid or given directly or indirectly for soliciting any security holder in this state, unless the commissioner shall, upon written application, permit the payment of a commission or other remuneration with or without the substitution of a limitation on remuneration; (11) Any offer, but not a sale, of a security for which registration statements have been filed under both this chapter and the Securities Act of 1933 if no order or refusal order is in effect and no public proceeding or examination looking toward such an order is pending under either act; (12) An offer or sale of a security by an issuer if: (A) Either of the following applies: (i) The issuer of the security is a corporation or other business entity organized and operating under the laws of this state and has its principal place of business in Arkansas and the transaction meets the requirements of the federal exemption for intrastate offerings in section 3(a)(11) of the Securities Act of 1933, 15 U.S.C. § 77c(a)(11), as it existed on January 1, 2017, and Rule 147 of the United States Securities and Exchange Commission, 17 C.F.R. § 230.147, as it existed on January 1, 2017, and as such, the securities shall be offered to and sold only to persons who are residents of this state at the time of purchase; or (ii) The issuer of the security is a corporation or other business entity with its principal place of business in Arkansas and the transaction meets the requirements of the federal exemption for intrastate offerings in section 28 of the Securities Exchange Act of 1933, 15 U.S.C. § 77z-3, as it existed on January 1, 2017, and Rule 147A of the United States Securities and Exchange Commission, 17 C.F.R. § 230.147A, as it existed on January 1, 2017, and as such, the securities shall be sold only to persons who are residents of this state at the time of purchase; (B) The sum of all cash and other consideration to be received for all sales of the security in reliance upon the exemption described in this subdivision (a)(12) shall not exceed one million dollars ($1,000,000), less the aggregate amount received for all sales of securities by the issuer within six (6) months after the completion of the offering; (C) The issuer shall not accept more than five thousand dollars ($5,000) from any single purchaser unless the purchaser is an accredited investor as defined by Rule 501 of United States Securities and Exchange Commission Regulation D, 17 C.F.R. § 230.501, as it existed on January 1, 2017; (D) The issuer should reasonably believe that all purchasers of securities are purchasing for investment and not for sale in connection with a distribution of the security; (E) A commission or remuneration shall not be paid or given, directly or indirectly, for a person's participation in the offer or sale of securities for the issuer unless the person is registered as a broker-dealer or agent under this chapter; (F) The commissioner may by rule or order, as to any security or transaction or any type of security or transaction, withdraw or further condition the exemption under this subdivision (a)(12); and (G) A filing fee of one hundred dollars ($100) shall be paid to the commissioner for every proof of exemption filed with the commissioner under this subdivision (a)(12); (13) Any other transaction that the commissioner by rule or order exempts as not being necessary or appropriate in the public interest for the protection of investors; and (14) An offer or sale of a security to a person who is not a resident of this state and is not present in this state, if the offer or sale is not: (A) A violation of the laws of the state or foreign jurisdiction in which the offeree or purchaser is present; and (B) Part of an unlawful plan or scheme to evade this chapter. (b)(1) Before any transaction shall be executed as an exempted transaction under subdivision (a)(9) or subdivision (a)(10) of this section, except, in the case of dividend reinvestment and stock purchase programs pursuant to subdivision (a)(10) of this section, a proof of exemption must first be filed with the commissioner and the commissioner by order shall not have disallowed the exemption within the next ten (10) full business days. Before any dividend reinvestment and stock purchase program shall be executed as an exempt transaction under subdivision (a)(10) of this section, an initial proof of exemption shall be filed. Thereafter, in every fifth year a proof of exemption must be filed with the commissioner, and the commissioner by order must not have disallowed the exemption within the next ten (10) full business days. (2) The proof of exemption shall contain a statement of the grounds upon which the exemption is claimed and a designation of the subsection of this section under which the exemption is claimed. (3) Proofs of exemption which have not been completed within a period of one hundred eighty (180) days after filing with the commissioner may be deemed abandoned and considered withdrawn by the applicant, provided the applicant has been notified of the deficiencies to the proof and afforded a reasonable opportunity to correct such deficiencies. (4)(A) For every proof of exemption filed with the commissioner under subdivision (a)(9) of this section, there shall be paid to the commissioner a filing fee of one-tenth percent (0.1%) of the maximum aggregate offering price at which the securities are to be offered in this state, but the fee shall in no case be less than twenty-five dollars ($25.00) or more than five hundred dollars ($500). (B) For every proof of exemption filed with the commissioner under subdivision (a)(10) of this section, there shall be paid to the commissioner a filing fee of fifty dollars ($50.00). (C) The commissioner shall have authority under this subsection to amend or rescind the filing fees by rule or order if the commissioner determines that the fee is excessive under the circumstances.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77c — Classes of securities under this subchapter

**(a) Exempted securities** Except as hereinafter expressly provided, the provisions of this subchapter shall not apply to any of the following classes of securities: (1) Reserved. (2) Any security issued or guaranteed by the United States or any territory thereof, or by the District of Columbia, or by any State of the United States, or by any political subdivision of a State or territory, or by any public instrumentality of one or more States or territories, or by any person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing; or any security issued or guaranteed by any bank; or any security issued by or representing an interest in or a direct obligation of a Federal Reserve bank; or any interest or participation in any common trust fund or similar fund that is excluded from the definition of the term “investment company” under section 3(c)(3) of the Investment Company Act of 1940 [[15 U.S.C. 80a–3(c)(3)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–3/c/3&num=0&edition=prelim)]; or any security which is an industrial development bond (as defined in section 103(c)(2) 11 See References in Text note below. of title 26) the interest on which is excludable from gross income under section 103(a)(1) 1 of title 26 if, by reason of the application of paragraph (4) or (6) of section 103(c) 1 of title 26 (determined as if paragraphs (4)(A), (5), and (7) were not included in such section 103(c)),1 paragraph (1) of such section 103(c) 1 does not apply to such security; or any interest or participation in a single trust fund, or in a collective trust fund maintained by a bank, o

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77c

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77c — Classes of securities under this subchapter

Page 124 TITLE 15—COMMERCE AND TRADE § 77c 1 See References in Text note below. (B) issuing orders of general applicability; under this subchapter in a manner that imposes or specifies reporting or recordkeeping require- ments, procedures, or standards as prophylactic measures against fraud, manipulation, or insider trading with respect to any security-based swap agreement (as defined in section 78c(a)(78) of this title). (4) References in this subchapter to the ‘‘pur- chase’’ or ‘‘sale’’ of a security-based swap agree- ment shall be deemed to mean the execution, termination (prior to its scheduled maturity date), assignment, exchange, or similar transfer or conveyance of, or extinguishing of rights or obligations under, a security-based swap agree- ment (as defined in section 78c(a)(78) of this title), as the context may require. (May 27, 1933, ch. 38, title I, § 2A, as added Pub. L. 106–554, § 1(a)(5) [title III, § 302(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–451; amended Pub. L. 111–203, title VII, § 762(c)(1), July 21, 2010, 124 Stat. 1759.) Editorial Notes AMENDMENTS 2010—Subsec. (a). Pub. L. 111–203, § 762(c)(1)(A), struck out subsec. (a) and reserved subsec. (a) designation. Text read as follows: ‘‘The definition of ‘security’ in section 77b(a)(1) of this title does not include any non- security-based swap agreement (as defined in section 206C of the Gramm-Leach-Bliley Act).’’ Subsec. (b). Pub. L. 111–203, § 762(c)(1)(B), substituted ‘‘(as defined in section 78c(a)(78) of this title)’’ for ‘‘(as defined in section 206B of the Gramm-Leach-Bliley Act)’’ wherever appearing. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, t

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 77c

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77z-3 — General exemptive authority

Page 171 TITLE 15—COMMERCE AND TRADE § 77z–4 1 So in original. Probably should be ‘‘section’’. Exchange Act of 1934 (15 U.S.C. 78a et seq.), commenced before and pending on Dec. 22, 1995, see section 108 of Pub. L. 104–67, set out as an Effective Date of 1995 Amendment note under section 77l of this title. CONSTRUCTION Nothing in section deemed to create or ratify any im- plied right of action, or to prevent Commission, by rule or regulation, from restricting or otherwise regulating private actions under Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), see section 203 of Pub. L. 104–67, set out as a note under section 78j–1 of this title. § 77z–2a. Conflicts of interest relating to certain securitizations (a) In general An underwriter, placement agent, initial pur- chaser, or sponsor, or any affiliate or subsidiary of any such entity, of an asset-backed security (as such term is defined in section 78c of this title, which for the purposes of this section shall include a synthetic asset-backed security), shall not, at any time for a period ending on the date that is one year after the date of the first clos- ing of the sale of the asset-backed security, en- gage in any transaction that would involve or result in any material conflict of interest with respect to any investor in a transaction arising out of such activity. (b) Rulemaking Not later than 270 days after July 21, 2010, the Commission shall issue rules for the purpose of implementing subsection (a). (c) Exception The prohibitions of subsection (a) shall not apply to— (1) risk-mitigating hedging activities in con- nection with positions or holdings arising out of the underwriting, placement, initial pur- chase, or sponsorship of an asset-backed secu- rity, provided that such

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78a — Short title

This chapter may be cited as the “Securities Exchange Act of 1934.”

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78a — Short title

Page 202 TITLE 15—COMMERCE AND TRADE § 78a Sec. 78m. Periodical and other reports. 78m–1. Reporting and recordkeeping for certain secu- rity-based swaps. 78m–2. Reporting requirements regarding coal or other mine safety. 78n. Proxies. 78n–1. Shareholder approval of executive compensa- tion. 78n–2. Corporate governance. 78o. Registration and regulation of brokers and dealers. 78o–1. Brokers deemed to be registered. 78o–2. Liabilities arising prior to amendment unaf- fected. 78o–3. Registered securities associations. 78o–4. Municipal securities. 78o–4a. Commission Office of Municipal Securities. 78o–5. Government securities brokers and dealers. 78o–6. Securities analysts and research reports. 78o–7. Registration of nationally recognized statis- tical rating organizations. 78o–8. Universal ratings symbols. 78o–9. Study and rulemaking on assigned credit rat- ings. 78o–10. Registration and regulation of security-based swap dealers and major security-based swap participants. 78o–11. Credit risk retention. 78p. Directors, officers, and principal stock- holders. 78q. Records and reports. 78q–1. National system for clearance and settlement of securities transactions. 78q–2. Automated quotation systems for penny stocks. 78r. Liability for misleading statements. 78s. Registration, responsibilities, and oversight of self-regulatory organizations. 78t. Liability of controlling persons and persons who aid and abet violations. 78t–1. Liability to contemporaneous traders for in- sider trading. 78u. Investigations and actions. 78u–1. Civil penalties for insider trading. 78u–2. Civil remedies in administrative proceedings. 78u–3. Cease-and-desist proceedings. 78u–4. Private securities litigation. 78u–5. Applic

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 78a

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 80a-1 — Findings and declaration of policy

Page 504 TITLE 15—COMMERCE AND TRADE § 80a–1 1 See References in Text note below. regulations approved and made effective prior to such date, see section 1274 of Pub. L. 109–58, set out as an Ef- fective Date note under section 16451 of Title 42, The Public Health and Welfare. CHAPTER 2D—INVESTMENT COMPANIES AND ADVISERS SUBCHAPTER I—INVESTMENT COMPANIES Sec. 80a–1. Findings and declaration of policy. 80a–2. Definitions; applicability; rulemaking consid- erations. 80a–3. Definition of investment company. 80a–3a. Protection of philanthropy under State law. 80a–4. Classification of investment companies. 80a–5. Subclassification of management companies. 80a–6. Exemptions. 80a–7. Transactions by unregistered investment companies. 80a–8. Registration of investment companies. 80a–9. Ineligibility of certain affiliated persons and underwriters. 80a–10. Affiliations or interest of directors, officers, and employees. 80a–11. Offers to exchange securities. 80a–12. Functions and activities of investment com- panies. 80a–13. Changes in investment policy. 80a–14. Size of investment companies. 80a–15. Contracts of advisers and underwriters. 80a–16. Board of directors. 80a–17. Transactions of certain affiliated persons and underwriters. 80a–18. Capital structure of investment companies. 80a–19. Payments or distributions. 80a–20. Proxies; voting trusts; circular ownership. 80a–21. Loans by management companies. 80a–22. Distribution, redemption, and repurchase of securities; regulations by securities asso- ciations. 80a–23. Closed-end companies. 80a–24. Registration of securities under Securities Act of 1933. 80a–25. Reorganization plans; reports by Commission. 80a–26. Unit investment trusts. 80a–27. Periodic payment

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 80a-1

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Arkansas Code — all titles (historical 2020) · legal_authorities

23-42-102. Definitions.

23-42-102. Definitions. As used in this chapter, unless the context otherwise requires: (1)(A) “Agent” means an individual, other than a broker-dealer, who: (i) Represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities; or (ii) Supervises individuals who effect or attempt to effect purchases or sales of securities for a broker-dealer. (B) “Agent” does not include an individual who represents: (i) An issuer in: (a) Effecting transactions in a security exempted by § 23-42-503(a)(1)-(4) or (a)(8) and any other transactions in a security exempted by other subdivisions or subsections of § 23-42-503 which the Securities Commissioner may by rule or order prescribe; (b) Effecting transactions exempted by § 23-42-504 unless otherwise required by § 23-42-504; (c) Effecting transactions in covered securities exempted by: (1) Section 18(b)(3) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(3), concerning sales to qualified purchasers; (2) Section 18(b)(4)(E) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(E), concerning sales of securities exempt under section 3(a) of the Securities Act of 1933, 15 U.S.C. § 77c(a); or (3) Rule or order of the commissioner; (d) Effecting transactions with existing employees, partners, or directors of the issuer if no commission or other remuneration is paid or given directly or indirectly for soliciting any person in this state; or (e) Effecting transactions involving a reorganization or any other individual assisting the issuer or any other constituent party in the process of the reorganization, so long as the individual is not employed for the primary purpose of obtaining or soliciting proxies, consents, or other required means of approval from the security holders

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-102

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-102. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-42-301. Registration required — Unlawful acts — Supervision requirements.

23-42-301. Registration required — Unlawful acts — Supervision requirements. (a) It is unlawful for a person to transact business in this state as a broker-dealer or agent unless he or she is registered under this chapter. (b)(1) It is unlawful for a registered broker-dealer or issuer to employ an unregistered agent except a nonresident agent who is registered by any other state securities administrator and who effects transactions in this state exclusively with registered broker-dealers. (2) The registration of an agent is not effective during a period when he or she is not associated with a particular: (A) Broker-dealer registered under this chapter; or (B) Issuer. (3)(A) A broker-dealer or issuer shall notify promptly the Securities Commissioner or the commissioner's designee if an agent begins or terminates: (i) An association with a broker-dealer or issuer; or (ii) The activities that make him or her an agent of the broker-dealer or issuer. (B) If an agent terminates or withdraws his or her registration with a broker-dealer or issuer, a subsequent application by the agent for registration is treated as: (i) An initial registration; and (ii) A notification by the agent of termination or withdrawal of the previous registration or application. (4) [Repealed.] (c) It is unlawful for a person to transact business in this state as an investment adviser or investment adviser representative without first being registered under this chapter unless the person: (1) Is registered as an investment adviser with the United States Securities and Exchange Commission under section 203 of the Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq., as it existed on January 1, 2013, and has filed with the commissioner or the commissioner's designee a not

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-301

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-301. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-42-501. Sale of unregistered nonexempt securities.

23-42-501. Sale of unregistered nonexempt securities. It is unlawful for any person to offer or sell any security in this state unless: (1) It is registered under this chapter; (2) The security or transaction is exempted under § 23-42-503 or § 23-42-504; or (3) It is a covered security.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-501

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-501. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-42-502. Filing of prospectus, sales literature, etc.

23-42-502. Filing of prospectus, sales literature, etc. The Securities Commissioner, by rule or order, may require the filing of any prospectus, pamphlet, circular, form letter, advertisement, television, radio, or other sales literature or advertising communication addressed or intended for distribution to prospective investors, including clients or prospective clients of an investment adviser, as part of a registered offering or as part of an exempt offering required to be filed under § 23-42-503(d) or § 23-42-504(b).

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-502

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-502. This identifies an authority to review, not proof of applicability.